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Falcons reach deal with Atlanta mayor on new downtown stadium

The Falcons and mayor of Atlanta have reached an agreement about a new stadium to replace the 21-year-old Georgia Dome. (Ken Levine/Getty Images)

Falcons owner Arthur Blank and Atlanta Mayor Kasim Reed reached an agreement about the construction of a new stadium, reports NBC Sports. The new stadium will cost an estimated $1 billion; the city will pay $200 million. The city said the $200 million would come from taxes on hotel rooms rather than from Atlanta residents.

"I am pleased that we reached an agreement that will ensure the Atlanta Falcons remain in the heart of our city for many years to come and will lead to revitalization of some of the city’s most historic neighborhoods," Reed said to FOX Atlanta.

The Falcons still need to get the approval of the Georgia World Congress Center Authority, the Fulton County Commission and the Atlanta City Council for plans to move forward. But obtaining the Mayor's backing was the biggest hurdle, and it is likely the other organizations will follow suit.